Seamless digital account opening for small business

Business account opening is a far more complicated process than that of a consumer checking account. Zafin’s Digital Onboarding platform enables banks to provide an end-to-end digital purchase and contracting experience to small businesses that is simple, personalized, and frictionless.

Benefits

  • Increase revenue by improving application completion rates, while increasing the number of products and services sold at the point of account opening.

  • Reduce costs by shifting sales interactions to digital channels, and reducing tedious manual processes involved with opening and fulfilling new products and services.

  • Enhance the client experience by personalizing offers, fees and rates for small business clients’ needs, while enabling them to self-serve account opening.

  • Industry-leading security and military-grade encryption provide peace of mind. Zafin’s cloud environment is regularly audited and is SOC2 Type II compliant.

“Digital capabilities in the account opening and onboarding process are quickly becoming table stakes for banks to serve businesses. [We] expect the number of FIs offering these capabilities to increase rapidly over the next two years.”

Javelin Strategy & Research, 2020 Small Business Banking & Payments Trends

Any digital channel, any screen, any time

Small business clients can initiate an application on any self-serve digital channel (mobile, online), as well as via staff-assisted digital channels, such as an in-branch, tablet-enabled discussion with a Relationship Manager.

Clients also have the flexibility to initiate an application on any digital channel, save it and resume at another time on any digital channel.

Features

  • Secure cloud platform

    With our best-in-class cloud partners, we offer a private platform in the cloud, providing security, compliance, and flexibility.

  • Customizable user interface and branding

    Create a consistent look and feel of your digital channels, following brand guidelines, while tailoring language and tone to suit the bank’s brand.

  • Pre-integrated third-party APIs

    Create a frictionless user experience by integrating with the latest third-party technology for specific aspects of the digital origination process.

  • Minimize manual data entry

    Auto-populate relevant data fields from available APIs and data sources (including existing customer information files), simplifying and accelerating the application process and ensuring data accuracy.

  • Online needs assessment

    Allow prospective clients to identify banking products and services best suited to their businesses’ needs.

  • Intelligent shopping basket

    Present personalized multi-product offers to clients and dynamically generate a universal form with common data attributes, eliminating duplication of data entry.

  • Digital signature integration

    Provide options ranging from simple scribble signatures for touch devices to integration with e-signature providers, such as DocuSign and eSign Live.

  • Attachment management

    Standardize the management of attachments for supporting documents and bundling with the completed application package.

  • Direct integration with back office systems

    Automate the account opening and fulfillment process through Zafin’s integration layer.

     

  • Real-time application dashboard

    Enable product or middle office managers to view a summary of submitted applications and their status. Easily identify abandoned applications and provide your sales team with the tools to reengage the prospect.

Did you know? As of 2019, only 8 of the top 30 banks in the U.S. offered digital account opening for small businesses, according to Javelin Strategy & Research.

Zafin in action

A Tier-1 bank has gone live with Zafin's Digital Onboarding platform, generating hundreds of digital account opening applications from small businesses each month.

Interested in delivering a best-in-class digital account opening experience to your small business clients?

Get in touch with us